Coats Praises Inclusion of Two-Year Suspension of Medical Device Tax in Bipartisan Tax Bill
Senator Dan Coats (R-Ind.), the Chairman of the Joint Economic Committee, today praised the inclusion of a two-year suspension of the 2.3-percent excise tax on medical devices in the bipartisan tax agreement that was unveiled late last night and is expected to be voted on later this week.
"Since I returned to the Senate, I have pushed for the elimination of this egregious tax that is hurting one of Indiana's most vibrant industries," said Coats. "Eliminating the device tax has been one of my top legislative priorities because this bad policy is unfairly punishing a successful industry that provides good jobs to thousands of Hoosiers and enhances the lives of patients around the world. A two-year suspension is a step in the right direction, and I will continue to push for a full repeal in order to encourage innovation and job creation in Indiana."
Medical device manufacturers directly employ 20,000 Hoosiers and indirectly support thousands of additional jobs. These are jobs that pay, on average, 56 percent higher wages than the average wage rate in Indiana.